$140M loan secured for Class A power center in Corona, California

ORANGE COUNTY, Calif., Nov. 14, 2024 –  JLL Capital Markets announced today that it has secured a $140 million financing for Crossings at Corona, Class A, 833,995-square-foot retail power center in Corona, California.

JLL represented the borrower, Castle & Cooke, in arranging a balance sheet loan through Deutsche Bank AG.

Crossings at Corona, situated at the northeast corner of I-15 and Cajalco Rd., boasts an advantageous location near the entrance to Hwy-91, which sees over 200,000 vehicles daily. Serving the neighborhoods of Corona, Chino and Riverside, this retail destination offers excellent accessibility throughout the Inland Empire. Its proximity to both employment hubs and residential areas makes it a convenient spot for shoppers in the region.

Corona, located in the Inland Empire just east of the greater Los Angeles MSA, boasts an affluent population base, with the 2023 average household income within a three-mile radius reaching $157,625. Impressively, 65% of households in this area earn over $100,000 per year. The number of households within this radius has grown significantly, from 2,075 in 2010 to 12,751 in 2023, driven by high-income families seeking quality housing at a discount compared to neighboring Orange and Los Angeles Counties.

Crossings at Corona was completed in 2005. This retail and entertainment destination shopping center is shadow anchored by Target and includes sub-anchors Marshall’s, Kohl’s, Ross, HomeGoods, Sportsman’s Warehouse, Burlington, Edward’s Theatre and other national retail and restaurant tenants offering shoppers a diverse mix of retail and entertainment options.

Gary Wong, President of Castle & Cooke, said, “We are thrilled at the continued rent growth and leasing velocity at Crossings since we completed the project in 2005. Our legacy tenants and new demand from national credit tenants highlight the strength of the Corona market. Castle & Cooke looks forward to continuing its multi-decade commitment to the asset and the Inland Empire community.”

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director John Marshall, Director Spencer Seibring and Analyst Nick Englhard.

"The large loan market continues to track retail’s comeback story,” said Marshall. “Castle & Cooke’s storied history, best-in-class management team, and the property’s fundamentals provided a compelling credit thesis for lenders. JLL built a market with multiple bank and non-bank balance sheet bids, and Castle & Cooke executed flawlessly by taking advantage of compelling swap pricing despite a dynamic capital markets backdrop.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.